Singapore must keep making ‘bold bets’ to stay competitive in a fragmented world: Jeffrey Siow

“As a young person, if you’re just following a tried and tested path, at the end of the day, what we have achieved, we just have walked the road that others have walked – but why not we just walk a new road for ourselves? I think that is the measure of the man.”

Mr Siow was speaking to CNA on Friday (May 22), following the release of the five ESR committees’ recommendations earlier this month on how Singapore can steer its economy forward.

The 32 recommendations – which focused on emerging growth areas such as artificial intelligence – came after nine months of consultations involving more than 7,700 stakeholders, including businesses, unions and workers.

The recommendations are aimed at positioning Singapore for long-term growth in a more fragmented, contested and fast-changing world.

Mr Siow, who co-chairs the ESR committee on global competitiveness, said Singapore’s core strengths remain relevant even as the global economy becomes more protectionist.

“The characteristics that have propelled Singapore’s success over the last couple of decades, whether it’s trust, connectivity, openness to talent and capital – all these remain relevant in the new world, where it’s more volatile and more uncertain,” he added.